5 Becker Farm Road in Roseland — Courtesy: CBRE
By Joshua Burd
An investment firm has added its first New Jersey property with its purchase of a nearly 122,000-square-foot office building in Roseland, brokers with CBRE said Monday.
The New York-based buyer, Aresco Management, paid $16 million for the 91 percent leased building at 5 Becker Farm Road. CBRE procured the purchaser on behalf of the sellers, Northlight Capital Partners and Accordia Realty, in the newly completed deal.
“Northlight and Accordia have done a tremendous job in maintaining a high-quality asset, evidenced by the recent securing of over 50,000 square feet of new long-term leases and extensions as a result,” said Jeffrey Dunne, a vice chairman with CBRE.
Dunne completed the deal alongside Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s Institutional Properties team. They noted that 5 Becker Farm Road, which totals 121,667 square feet, is home to a diverse tenant base from industries such as cybersecurity, legal and financial services.
“We pride ourselves on bringing new capital to the market,” said Neuer, an executive vice president with CBRE. “The Aresco team identified this as their first acquisition outside of Long Island and were very diligent in getting this deal across the finish line. I expect them to continue to grow in New Jersey in the future.”
